Category Archives: Estate Planning

What are the Disadvantages of NY Transfer on Death Deeds?

What are the Disadvantages of NY Transfer on Death Deeds

New York Transfer on Death (“TOD”) deeds can be used effective July 20, 2024. There are numerous advantages and disadvantages to TOD deeds which you should discuss with a NY estate planning attorney. The alternatives to TOD deeds to avoid probate are: 1. Life Estate Deeds 2. Intervivos (Living) Trusts; 3. Joint tenancy with the […]

Securing Your Legacy with Asset Preservation in New York Estate Planning

Securing Your Legacy with Asset Preservation in New York Estate Planning

Asset preservation is a crucial aspect of estate planning that ensures your hard-earned wealth is protected and efficiently passed down to your heirs. In New York, the intricate legal landscape requires a comprehensive approach to safeguard your assets from potential threats such as taxes, creditors, and probate. Understanding the multifaceted nature of asset preservation is […]

The Importance of Updating Your Estate Plan Regularly in Livingston County, NY

The Importance of Updating Your Estate Plan Regularly in Livingston County NY

Estate planning is a crucial aspect of financial management that often goes overlooked or postponed. People tend to believe that once an estate plan is in place, it can remain static. However, this misconception can lead to unintended consequences and complications, especially in the ever-changing legal landscape. For residents of Livingston County, NY, understanding the […]

Estate Sales and Liquidation in Fairport, NY Probate Cases

Estate Sales and Liquidation in Fairport NY Probate Cases

In the realm of estate planning and administration, the intricacies of probate cases can be both challenging and overwhelming. For residents in Fairport, NY, understanding the nuances of estate sales and liquidation is crucial when dealing with the legal and financial aftermath of a loved one’s passing. At Friedman & Ranzenhofer, PC, we recognize the […]

What Are the Exceptions to Mortgage Due on Sale Clauses?

What Are the Exceptions to Mortgage Due on Sale Clauses

According to the Garn-St. Germain Depository Institutions Act of 1982, a mortgage lender may not exercise its option pursuant to a due-on-sale clause  for residential real property containing less than five dwelling units, including a lien on the stock allocated to a dwelling unit in a cooperative housing corporation, or on a residential manufactured home, upon: (1) […]

Common Estate Planning Mistakes to Avoid in Rochester

Common Estate Planning Mistakes to Avoid in Rochester

Estate planning is a crucial aspect of securing your legacy and ensuring a smooth transition of assets to your loved ones after you’re gone. However, despite its importance, many individuals fall prey to common mistakes that can lead to unintended consequences. In Rochester, a city rich in history and culture, it’s imperative to approach estate […]

Divorce and Its Impact on Estate Planning in Pittsford, NY

Divorce and Its Impact on Estate Planning in Pittsford NY

Divorce is a significant life event that can have far-reaching consequences, especially in the realm of estate planning. In Pittsford, NY, a community known for its picturesque landscapes and tight-knit neighborhoods, divorce can bring about complex considerations regarding the distribution of assets and the protection of one’s estate. When a couple decides to end their […]

Estate Planning Considerations for Business Owners in Webster

Estate Planning Considerations for Business Owners in Webster

Webster, a vibrant town in Massachusetts, is home to a thriving community of business owners. Whether you’re a small business owner or the CEO of a larger corporation, estate planning should be a vital part of your financial strategy. While planning for the future can be complex, it is essential for safeguarding your assets and […]

New 2024 U.S. Estate & Gift Tax Exemptions for 2024

The U.S. Treasury and IRS have published updated figures for various provisions of the Internal Revenue Code for the year 2024. The estate, gift, and generation-skipping tax exclusions are: The Unified Credit Against Estate Tax basic exclusion amount and the generation-skipping transfer tax exemption will be $13,610,000 under Section 2010. The Annual Exclusion for Gifts will […]

How to Transfer a Vehicle to a NY Living Trust

Revocable Living Trust (RLT)

If you want your car included in your revocable living trust to avoid New York probate, follow the instructions below. The person who creates a trust is the settlor. The owner of the vehicle and the settlor of the trust can be the same person. The person(s) who manage the property of the trust are […]